Key Financial Results (Standalone)

Q1 FY27 Performance:

  • Revenue from Operations: ₹1,287.9 crore (Q1 FY26: ₹1,310.6 crore, -2% YoY)
  • Other Income: ₹32.6 crore (Q1 FY26: ₹28.5 crore)
  • Total Revenue: ₹1,320.4 crore (Q1 FY26: ₹1,339.1 crore, -1% YoY)
  • Gross Profit: ₹243.0 crore (Q1 FY26: ₹260.0 crore, -7% YoY)
  • Gross Profit Margin: 18.4% (Q1 FY26: 19.4%)
  • EBITDA: ₹125.5 crore (Q1 FY26: ₹150.7 crore, -17% YoY)
  • EBITDA Margin: 9.5% (Q1 FY26: 11.3%)
  • Profit Before Tax: ₹43.0 crore (Q1 FY26: ₹43.3 crore, -1% YoY)
  • Profit After Tax: ₹31.5 crore (Q1 FY26: ₹30.6 crore, +3% YoY)
  • PAT Margin: 2.4% (Q1 FY26: 2.3%)

Cost Structure (Standalone):

  • Cost of Goods Sold: ₹1,077.5 crore
  • Employee Cost: ₹61.2 crore
  • Other Expenses: ₹56.2 crore
  • Depreciation: ₹22.3 crore
  • Finance Cost: ₹60.2 crore (Q1 FY26: ₹84.1 crore)

Key Financial Results (Consolidated)

Q1 FY27 Performance:

  • Total Revenue: ₹1,533.7 crore (Q1 FY26: ₹1,937.0 crore, -21% YoY)
  • Gross Profit: ₹464.8 crore (Q1 FY26: ₹816.4 crore, -43% YoY)
  • Gross Profit Margin: 30.3% (Q1 FY26: 42.1%)
  • EBITDA: ₹292.0 crore (Q1 FY26: ₹648.6 crore, -55% YoY)
  • EBITDA Margin: 19.0% (Q1 FY26: 33.5%)
  • Profit Before Tax: ₹172.8 crore (Q1 FY26: ₹299.6 crore, -42% YoY)
  • Profit After Tax: ₹127.2 crore (Q1 FY26: ₹226.9 crore, -44% YoY)
  • PAT Margin: 8.3% (Q1 FY26: 11.7%)

Strategic and Operational Updates

Dilution of Stake in APTPL:

  • Subsidiary Ashoka Purestudy Technologies Private Limited (APTPL) allotted 29,879 equity shares of ₹10 each on preferential basis to new investor on June 12, 2026
  • Company's shareholding diluted from 59% to 39.33%
  • APTPL ceased to be subsidiary and became Associate Company effective June 12, 2026

New Contract Awards:

  • Received Letter of Acceptance from Chhattisgarh State Industrial Development Corporation Limited (CSIDC) for Development of Gems & Jewellery Park at Raipur, Chhattisgarh in Joint Venture (Company as Lead Member with 51% stake)
  • Accepted premium payable: ₹112.40 crore for 38,922 sq. mtrs. area
  • Lease period: 30 years (extendable up to 90 years) with construction period of 5 years
  • Received Letter of Acceptance from Central Housing and Planning Authority, Guyana for Construction of Four Lane Highway from Versailles to Parika
  • Accepted value: GYD $7,455 million (USD 35.42 million)
  • Execution period: 20 months

NHAI Settlement:

  • Settled Show Cause Notice dated November 26, 2025 from NHAI
  • Entered into Settlement Agreement with NHAI
  • NHAI agreed to close proceedings with no further action against Company
  • Settlement includes withdrawal of suspension and confirmation of no debarment
  • Company deposited ₹1.04 crore with NHAI on July 9, 2026

New SPV Incorporation:

  • Incorporated Ashoka - RDB Infrastructure & Development Private Limited on July 15, 2026
  • Joint venture with RDB Real Estate Constructions Limited
  • Company holds 51% stake
  • SPV established for Development of Gems & Jewellery Park at Krishi Upaj Mandi, Mandi Road, Pandri, Raipur (Chhattisgarh)
  • Company subscribed to 5,100 equity shares aggregating ₹51,000

ACL SPV Sale Timeline Extension:

  • Company, ACL and Proposed Investor (Epic Concesiones 2 Private Limited / Infrastructure Yield Plus II & IIA) mutually agreed to extend indicative timelines for sale of remaining six SPVs
  • Completion extended to September 15, 2026 for TS-1, TS-2 and TS-3 SPVs
  • Completion extended to September 30, 2026 for BS SPV
  • Subject to fulfilment of conditions precedent and requisite regulatory/lender approvals

Company Overview and Order Book

Business Metrics:

  • 50+ years experience in construction industry
  • Order Book as on June 30, 2026: ₹15,251 crore (excluding orders received post June 30, 2026 of ₹451 crore)
  • 10,000+ employees
  • 16,000+ lane kms of highway constructed
  • 30,000 villages illuminated through Power T&D projects
  • Standalone Debt Equity Ratio: 0.49x
  • Credit Rating: ACUITE AA (stable) Long Term / A1+ Short Term (Reaffirmed)

Order Book Breakdown (₹ crore):

  • HAM EPC: ₹1,519
  • EPC: ₹6,783
  • Power T&D & Others: ₹5,066
  • Railways: ₹1,346
  • EPC Buildings: ₹536
  • Total: ₹15,251

HAM Project Portfolio Status (as of June 30, 2026):

| Project | Status | TPC Est. (₹ cr) | Grant Est. (₹ cr) | Equity Invested (₹ cr) | Debt Drawn (₹ cr) |

| Belgaum-Khanapur | COD(P) | 746 | 343 | 93 | 176 |

| Tumkur-Shivamogga –II | COD(P) | 1,006 | 487 | 114 | 339 |

| Tumkur-Shivamogga –I | COD(P) | 741 | 367 | 98 | 239 |

| Tumkur-Shivamogga –IV | UC | 1,127 | 553 | 111 | 302 |

| Tumkur-Shivamogga –III | COD(P) | 755 | 414 | 78 | 206 |

| Basawantpur Singnodi | COD(P) | 1,082 | 509 | 109 | 380 |

| Bowaichandi Guskara | FC | 1,834 | 657 | 5 | - |

Previous Divestments:

  • 5 HAM Projects sold in September 2025 for total consideration of ₹1,146 crore
  • ACL 4 HAM projects: Sale Consideration ₹965 crore, Cost ₹530 crore, Profit ₹435 crore
  • ABL 1 HAM project: Sale Consideration ₹181 crore, Cost ₹69 crore, Profit ₹112 crore
  • BOT portfolio monetized in November 2025

Toll Collection Performance:

  • Jaora-Nayagaon Toll Road: Q1 FY27 collection ₹74.9 crore (7.5% YoY increase)
  • FY26 full year collection: ₹304.3 crore

Management and Governance

Board of Directors:

  • Mr. Ashok Katariya (Chairman)
  • Mr. Satish Parakh (Managing Director)
  • Mr. Sanjay Londhe (Whole Time Director)
  • Mr. Ashish A. Kataria (Whole Time Director)
  • Mr. Mario Nazareth (Independent Director)
  • Mr. Nikhilesh Panchal (Independent Director)
  • Mr. Mahendra Mehta (Independent Director)
  • Ms. Shilpa Hiran (Independent Director)

Key Management Personnel:

  • Mr. Paresh Mehta (Chief Financial Officer)

Project Highlights

Notable Completed Projects:

  • MOPA Airport Link Road, Goa: 6.58 km with 4.4 km elevated portion, piers up to 40 meters
  • Guyana Road Project: Successfully completed prestigious project in South America
  • Kerala Flyover: One of India's longest 6-lane flyovers (12.752 km) on NH 66
  • Narmada River Bridge: India's first 8-lane extra dosed cable stayed bridge, completed in 33 months
  • Bundelkhand Expressway: Completed ahead of schedule, set 3 construction records